Asking directions

Prime Minister Nguyen Xuan Phuc has signed a directive strengthening the management of activities related to bitcoin and other virtual currencies. The move comes after media reported an alleged cryptocurrency fraud worth VND15 trillion (US$666 million) affecting 32,000 people in HCM City. Authorities have previously repeatedly warned about the risks associated with bitcoin and other digital currencies, as well as its use for criminal activity such as money laundering, terrorist financing, illegal remittance, tax evasion and fraud. As these currencies are digital and pseudo-anonymous with no government backing, investment and trading activities, as well as raising capital through initial coin offerings (ICO) especially in a multi-level marketing mode, are getting complicated and risky and affecting the stability of the financial market and social order. To limit the risks and adverse impacts on society, as well as promptly detect, prevent and handle fraud, the Prime Minister asked the … [Read more...] about PM signs directive on strengthening management of cryptocurrency

Prime Minister Nguyen Xuan Phuc has signed a directive strengthening the management of activities related to bitcoin and other virtual currencies. The action came after the media reported an alleged cryptocurrency fraud involving VND15 trillion (US$666 million) and affecting 32,000 people in HCM City. - Photo venturebeat.com The move comes after media reported an alleged cryptocurrency fraud worth VND15 trillion (US$666 million) affecting 32,000 people in Ho Chi Minh City. Authorities have previously repeatedly warned about the risks associated with bitcoin and other digital currencies, as well as its use for criminal activity such as money laundering, terrorist financing, illegal remittance, tax evasion and fraud. As these currencies are digital and pseudo-anonymous with no government backing, investment and trading activities, as well as raising capital through initial coin offerings (ICO) especially in a multi-level marketing mode, are getting complicated and risky and … [Read more...] about Prime Minister signs directive on strengthening management of cryptocurrency

The Ministry of Finance has asked the Saigon Beer-Alcohol-Beverage Joint Stock Corporation (Sabeco) to pay about VNĐ2.5 trillion (US$111 million) worth of undistributed profit to the State Budget.— Photo plo.vn HÀ NỘI — The Ministry of Finance has asked the Saigon Beer-Alcohol-Beverage Joint Stock Corporation (Sabeco) to pay about VNĐ2.5 trillion (US$111 million) worth of undistributed profit to the State Budget. The inquiry follows a recent report of the State Audit of Việt Nam, which in March proposed Sabeco pay the same amount of money to the State Budget. According to the audit report sent to the Government, that amount of money was part of Sabeco’s VNĐ2.7 trillion in undistributed profit and considered the dividend that the Government should have received from Sabeco for its 89.6 per cent stake in the company recorded as of December 31, 2016. Sabeco should have paid the dividend to the State as the Government was holding … [Read more...] about Sabeco asked to pay $111 million to State budget after audit report

Vietnam’s central Da Nang city and Japan’s Hokkaido prefecture plan to upgrade the current charter flight service to a regular air route between the two cities to boost their investment, tourism and trade, according to a Japanese official. An aircraft of Vietnam Airlines lands at ​D​a N​ang International Airport. Member of Hokkaido Prefectural council, Chiba Hidemori called for the direct flight in a recent meeting with Da Nang city’s leadership. Hidemori, chairman of the Vietnam-Japan Friendship Association of Hokkaido, said cultural and trade exchanges and investment have been enhanced between the two sides since 2013, and the direct chartered flight resulted from positive co-operation between the two localities. Vice chairman of the city’s People’s Committee, Ho Ky Minh said Da Nang had inked memorandums of understanding on investment and co-operation with Yokohama, Kawasaki and Sakai, and built relationships with 15 other … [Read more...] about Da Nang, Japan’s Hokkaido to launch direct flight

An aircraft of Vietnam Airlines lands at ​D​a N​ang International Airport. (Photo: VNA) Da Nang (VNA) – Vietnam’s central Da Nang city and Japan’s Hokkaido prefecture plan to upgrade the current charter flight service to a regular air route between the two cities to boost their investment, tourism and trade, according to a Japanese official. Member of Hokkaido Prefectural council, Chiba Hidemori called for the direct flight in a recent meeting with Da Nang city’s leadership. Hidemori, chairman of the Vietnam-Japan Friendship Association of Hokkaido, said cultural and trade exchanges and investment have been enhanced between the two sides since 2013, and the direct chartered flight resulted from positive co-operation between the two localities. Vice chairman of the city’s People’s Committee, Ho Ky Minh said Da Nang had inked memorandums of understanding on investment and co-operation with Yokohama, Kawasaki and Sakai, and built … [Read more...] about Central Da Nang city, Japan’s Hokkaido to launch direct flight